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11/27/2012 4:34PM

Stocks Stumble on Rocky Budget Talks

Investors flocked to the safe end of the stock market for a second session, as they looked for signs from Washington that lawmakers would push forward on talks on a budget deal. Brendan Conway has details on The News Hub. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... on now for a quick look at the markets to the big ball that about ninety points on the Dow point seven percent down ... the Nasdaq point three percent down a diamond mine points on the SB down by awful to send it ... on the cusp of fourteen hundred that we got Brendan Conway patterns columnist joining us on the site to explain you'll see less ... make minority out of money as you do all the time ... so ... stock indexes today had been trucking along small gains and losses for its increasing economic data this morning ... this afternoon part of that was the ... housing data from the acetate ... sheet a Shiller index which is a pretty good about yet on any kids yet is that that that is a very encouraging reading for a lot of folks you know a lot of homes are still underwater ... in life interests are still well below you know really wanted the that their home equity ... you to see that's ... going to help sentiment ... speaking of sentiment there is also consumer sentiment gauge ... which pre date ... you know we didn't see any really kind of ... big negative arcane seen the impact that that was the Pirie Regional ... Aiden driven I'm told by the drop in gasoline prices on the back of Impala all back and people see fell by one or not ... I mean what's up trying to get caught yes I mean on the inside sentiment is not you know kind of falling noticeably even though you have this fiscal ... cliff issues that are Starner rattled the markets ... on their office and durable goods data this morning to basically not going to Vermont and a long coat of durable goods out of the things that last more than a couple years ... By has a riotous ... on things like that yet strip of autos for other transportation which is to ... fairly bullet aisle and this is a solid number I mean I mean ... you need it soundly beat what coach are expecting so that on the market was positive ... Intel the second ... a toss up midway in coming weeks ... said something like Harry Reid ... and also his GOP counterparts ... in the Senate they basically came as Mr McConnell McConnell ... me told me yet ... that ... did very little progress on the so-called fiscal cliff nondecision West taxes aseptic ovens and government spending is set to be slashed ... in any studs Kion's this summer because I'm you know ... one fifty nine if an agreement is reached to read the same as brittle products he said there's very little progress on the market kind of you know ... lost its mojo for the day they sent me back to me said no no wait wait I'm still optimistic things will still be okay with that and I spent the time I mean they're starting the finger pointing ... at the end and that is our demand is low and that you're putting on the back of the rate I basically say that so it was ... when both leaders of this and already are starting the finger pointing he retell it so that's it says this business right out of it to that ... so it has something they always leave this to the last minute yes I mean it scientists began to check in the finest nominee stand on the front ... and you know ... the Swan and jumps of the chicken ... you know some of the market ... likes to give Washington the benefit of doubt write ... the market likes to think that Washington will solve its problems and that ... and that you know ... analysts can go back to ... looking at PE ratios and ... other things that they liked look at when the analyze fundamentals ... I did this I frankly partially don't think it's can happen ... this deadline at the end of the year is going to creep up on some fast ... in part because ... Washington has a hard time getting anything done ... in three or four weeks under normal circumstances much less the Christmas holiday urging ... much less with the lame duck ... aam but I'd I think the markets are strong were were going to have another sell off ... we headed of for us to chronicle my saying the market is wrong thank you my much time playing a rummage or the plush having Brandon